There’s no point in disguising the fact that learning how to trade forex successfully represents a huge challenge. A completely different skill set is required, in order to trade proficiently, compared to any other occupation we may have been involved in. Many of us more experienced traders would argue that there is no natural ability involved with trading. Trading requires no natural physical, or mental skills; anyone can be taught to become a proficient retail trader, if they’re prepared to open themselves up to ideas and park their ego at the door of their home office.
As opposed to natural ability, traders have to work on their emotional skills, in fact many would testify that emotional intelligence is a far more valuable requisite for trading than overall intelligence. However, emotional intelligence is an incredibly difficult attribute to define. It would involve concepts such as: patience, the ability to listen, attention to detail, calmness under pressure, detachment, goal setting, flexibility, self-control, curiosity, stamina, determination. In short many of the characteristics that define successful individuals in many careers, are also highly relevant to building a career in retail trading. There are also many other emotional skills and attributes, such as; the ability to look at the bigger picture and the longer term horizon, as a valuable requisite. As is the motivation to ask for assistance when required.
Asking for help when your trading is quite simply not working, can represent a challenge to many novice retail traders. We appear to be wired as individuals to treat trading as a binary activity; it’s black or white, we either win, or lose. We may also see trading as a battle versus our ego, because of the win/lose nature of our business. Therefore our competing nature dominates our thinking, which ultimately prevents us from taking emotionless, logical choices.
However, as opposed to black or white/binary issues and results, there’s also a grey area in which many of us operate; our trading isn’t quite developing as we anticipated and we’re losing more than we’re winning. We’ve tried tweaking our trading strategy/method, but we’re just not making the improvements we’d hoped for. We instinctively know there’s something wrong, but equally we’re not entirely sure what to do next. Is there help available that’s free of charge, if so who will help us with good faith, without having an agenda, or an ulterior motive?
There are two main answers to this question, but firstly it’s important that we recognize when we’ve hit the buffers and our trading has come to a stop, when it’s time to put your hand up, admit you’re out of answers and seek advice elsewhere.
The answers to our questions can be sought by asking questions on various trading forums and engaging with your broker. Firstly; asking questions, or becoming involved in discussions on trading forums, is an excellent reach out. Look for posters who’ve been registered on the forum a long time, think approximately ten years, and politely ask for help on relevant issues pertaining to an existing thread, or start a new thread asking for help regarding the trading issue you have. You’ll be surprised at just how helpful folk will be, if you approach the question and other posters with the right amount of respect.
Secondly; there’s us, your broker who’ll be glad to part with some advice and coaching. Various trading tools are offered to clients in order to enhance their trading. Or you can read our blog entries and articles, to see if you can obtain any assistance or ideas as to how you can improve your trading plan and overall method/strategy.
You’re not alone, it’s a lonely business retail trading, and therefore it’s essential that you make many worthwhile connections, as often as you can. Through social media, forums and directly using your phone, you may be pleasantly surprised just how can build up some valuable contacts immediately.